Fixed Income Market Presentation

CLEARING ...coupled with strong post-trade infrastructure Post-Trade Excellence: CCP and CSD National Clearing Centre (NCC) own funds (capital)¹ RUB bln 10.1 13.2 49.3 39.5 28.8 CCP cleared value based on ADTV (1H2015) RUB bln FX Derivatives REPO with CCP Fixed income Equities Commodities 1 Jan 2012 1 Jan 1 Jan 1 Jan 1 Jul 2013 2014 2015 2015 OTC derivatives 1 087.5 ◉ 286.5 181.9 ☐ 40.1 39.6 Comments 0.3 0.01 Well-capitalized NCC as CCP for all asset classes Bank of Russia qualified CCP status ■ Centralized clearing of OTC derivatives SETTLEMENT & DEPOSITORY National Settlement Depository² (NSD) capital RUB bln Assets in deposit³ RUB bln 9.4 9.6 7.3 6.0 5.4 12 291 11 280 ☐ 28 532 24 942 21 766 1 Jan 2012 1 Jan 2013 1 Jan 2014 1 Jan 2015 1 Aug 2015 31 Dec 2011 31 Dec 2012 31 Dec 2012 31 Dec 2014 31 Jul 2015 Comments Safekeeping and settlement services ◉ Collateral management services for REPO transactions ◉ Repository for OTC trades ■ Links to ICSDs for Russian bonds and equities ■ AA- rating by Thomas Murray4 Source: Moscow Exchange operational information Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis Russian Central Securities Depository ☑ MOSCOW 1 EXCHANGE 2 3 Assets in deposit based on Company' operational data 4 Thomas Murray-leading global agency for depository services 4

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